US-BASED FUND HOUSE Blackstone and its partners Pune-based Panchshil Realty and Bengaluru-based Salarpuria Sattva - are looking to float a mega real estate investment trust (REIT) and list it in the country.
While Blackstone and its partners did not respond to emails on the subject, sources familiar with the developments said they plan to bring around 45 million sq ft in the REIT. It will be the largest in Asia in terms of square footage, sources said, adding the REIT could raise ₹7,000 crore to ₹8,000 crore through a public issue, the draft papers for which will be filed with the capital markets regulator next year.
The plan is to bring the assets owned by Blackstone's office arm Nucleus Office Parks, including those bought from Prestige Estates Projects last year, sources said.
Blackstone bought a portfolio of commercial assets from Prestige, including office properties, hotels and malls, for $1.5 billion. Nucleus has assets of 22 million sq ft in top cities such as Mumbai, NCR, Bengaluru, among others.
This story is from the September 30, 2022 edition of Financial Express Mumbai.
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This story is from the September 30, 2022 edition of Financial Express Mumbai.
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